Asia

Singapore downgrades second quarter GDP as lockdown measures hurt

SINGAPORE (Reuters) – Singapore’s economy contracted more than initially estimated in the second quarter due the lockdown measures to curb the spread of the coronavirus, official data showed on Tuesday.

Gross domestic product (GDP) fell 13.2% year-on-year in the second quarter, the ministry of trade and industry said on Tuesday, versus the 12.6% drop seen in the government’s advance estimate.

Analysts expected a 13.2% contraction, according to the median of eight forecasts.

The economy fell 42.9% from the previous three months on an annualised and seasonally adjusted basis, compared with the government’s initial estimate of a 41.2% contraction.

Analysts expected a 42.9% contraction.

The government said it now expects full-year GDP to contract between 5% and 7% versus its prior forecast for a 4% to 7% shrinkage. The country is still facing the biggest downturn in its history.

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